Diamondback Energy, Inc. (NASDAQ:FANG) Shares Bought by Marathon Capital Management

Marathon Capital Management raised its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 0.7% in the second quarter, HoldingsChannel reports. The institutional investor owned 42,636 shares of the oil and natural gas company’s stock after purchasing an additional 300 shares during the period. Diamondback Energy accounts for about 2.2% of Marathon Capital Management’s holdings, making the stock its 9th biggest position. Marathon Capital Management’s holdings in Diamondback Energy were worth $8,535,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. lifted its stake in shares of Diamondback Energy by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 21,869,787 shares of the oil and natural gas company’s stock valued at $3,391,567,000 after purchasing an additional 176,208 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Diamondback Energy by 38.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,609,143 shares of the oil and natural gas company’s stock valued at $1,706,076,000 after purchasing an additional 2,381,488 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Diamondback Energy by 16.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,012,329 shares of the oil and natural gas company’s stock valued at $603,038,000 after purchasing an additional 415,902 shares during the last quarter. Boston Partners lifted its stake in shares of Diamondback Energy by 235.6% in the 1st quarter. Boston Partners now owns 2,730,482 shares of the oil and natural gas company’s stock valued at $541,844,000 after purchasing an additional 1,916,900 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its stake in shares of Diamondback Energy by 10.1% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,690,181 shares of the oil and natural gas company’s stock valued at $538,547,000 after purchasing an additional 247,065 shares during the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Insider Activity

In other news, major shareholder Lyndal Greth sold 13,212,830 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $175.11, for a total transaction of $2,313,698,661.30. Following the sale, the insider now directly owns 1,037,819 shares of the company’s stock, valued at $181,732,485.09. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.48% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on FANG shares. Piper Sandler cut their target price on shares of Diamondback Energy from $249.00 to $240.00 and set an “overweight” rating for the company in a research report on Thursday, August 15th. Jefferies Financial Group started coverage on shares of Diamondback Energy in a research report on Monday, September 16th. They set a “hold” rating and a $185.00 target price for the company. Wolfe Research began coverage on shares of Diamondback Energy in a research report on Thursday, July 18th. They set a “peer perform” rating for the company. Truist Financial boosted their price objective on shares of Diamondback Energy from $249.00 to $255.00 and gave the stock a “buy” rating in a report on Wednesday, August 7th. Finally, UBS Group dropped their price objective on shares of Diamondback Energy from $247.00 to $223.00 and set a “buy” rating on the stock in a report on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Diamondback Energy presently has an average rating of “Moderate Buy” and an average price target of $209.71.

Diamondback Energy Stock Performance

NASDAQ FANG opened at $168.86 on Friday. The firm has a market cap of $30.12 billion, a price-to-earnings ratio of 9.52, a PEG ratio of 1.17 and a beta of 1.89. The company has a 50 day moving average of $190.69 and a 200-day moving average of $195.70. The company has a current ratio of 3.66, a quick ratio of 3.64 and a debt-to-equity ratio of 0.65. Diamondback Energy, Inc. has a 1-year low of $143.08 and a 1-year high of $214.50.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings data on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share for the quarter, topping the consensus estimate of $4.51 by $0.01. The company had revenue of $2.48 billion during the quarter, compared to analyst estimates of $2.19 billion. Diamondback Energy had a net margin of 37.51% and a return on equity of 19.54%. The company’s revenue was up 29.4% on a year-over-year basis. During the same quarter last year, the business posted $3.68 earnings per share. On average, equities analysts forecast that Diamondback Energy, Inc. will post 18.97 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The business also recently declared a None dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 15th were paid a dividend of $2.34 per share. This is a boost from Diamondback Energy’s previous None dividend of $2.26. This represents a dividend yield of 1.9%. The ex-dividend date was Thursday, August 15th. Diamondback Energy’s dividend payout ratio is 20.29%.

Diamondback Energy Company Profile

Diamondback Energy, Inc, an independent oil and natural gas company, acquires, develops, explores, and exploits unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. It focuses on the development of the Spraberry and Wolfcamp formations of the Midland basin; and the Wolfcamp and Bone Spring formations of the Delaware basin, which are part of the Permian Basin in West Texas and New Mexico.